A government of men, not laws
The chrysler bailout is the latest and most egregious example of Obama's disdain for the rule of law. Here is a good summation of the situation. And an excerpt:
Imagine telling your bank that you’ve decided to pay off your mortgage in full, but you’re only going to give them 35 cents on the dollar, take it or leave it. Then when they protest, you lose patience, walk out of the room, and go on national television to say that your bank is a bad actor, they’ve exhausted your patience, and now they’ll have to settle for a big fat zero. And by the way, maybe the White House press corps will start spreading nasty rumors about them.
That analogy in no way exaggerates the situation that Chrysler’s debtholders find themselves in. It’s very, very hard to escape the conclusion that the President of the United States has decided to declare war on a group of people who have lent their own money in pursuit of an honest return, and are guilty of nothing more looking out for their own interests.
Of course, in Obama's world, "looking out for one's own interests" is an evil that must be corrected at the point of a gun.